101: Executive Peer Groups
Managers often get so bogged down in the day-to-day nuts and bolts that they become less able to see business as a whole, with all its strengths and weaknesses. The saying, “It's lonely at the top” rings true for many. If you need fresh insight and broader perspectives, why not consider joining an executive peer group (also called a CEO group)? Here are three things to know about these entities — which can be free or not — and give you valuable feedback you can build upon:
Expect to work. CEO group members are not there to waste time or sugar-coat their input regarding your business. You'll be expected to actively contribute to maintain the robust group dialogue and dynamic. Brian Davis chairs three CEO groups for Vistage, a facilitator firm based in San Diego. “(Members) come here because people will tell them what they need to hear, not just what they want to hear,” he said in an Entrepreneur.com article by Christopher Hann.
Facilitators maintain an atmosphere of trust. That means no competing businesses, says Anne Field in a blog entry at BusinessInsider.com. “Otherwise, you're going to be less willing to open up ... It is best when industries are mixed. Also, the more diverse the group, the greater the likelihood you'll get input that might challenge your way of thinking — and provide new insights,” she writes.
A forum's value is multiplied in times of change. Even among CEOs in competing industries, having others with you to provide perspective is hugely helpful in times of economic downturns or regulatory shifts. “Meetings are very powerful,” says Mark Pulman, managing director of Wales-based IG Doors Ltd. in a You Tube video for Vistage U.K. “I really value that ... all of us going through periods of change ... they tell you as it is.” That feedback can give you insights that frame your future planning — insights you may not be able to get anywhere else.
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